tv [untitled] June 24, 2012 10:30am-11:00am PDT
>> everyone deserves a bank account. in san francisco, anyone can have a bank account, things to an innovative program, bank on s.f. >> everyone is welcome, even if you are not a citizen or have bad credit to qualify for a bank account is simple. just live or work in san francisco and have a form of id.
>> we started bank on s.f. six years ago to reach out to folks in the city who do not have a bank account. we wanted to make sure they know they have options which should be more low-cost, more successful to them and using chat catchers. >> check cashing stores can be found all over the city, but they're convenient locations come with a hidden price. >> these are big. >> i remember coming in to collect -- charged a fee to collect a monogram. >> people who use check catchers, particularly those who use them to cash their paychecks all year long, they can pay hundreds, even a thousand dollars a year just in fees to get access to their pay. >> i do not have that kind of money. >> i would not have to pay it if i had a bank account.
>> bank accounts are essential. they keep your money saved and that helps save for the future. most banks require information that may limit its pool of qualified applicants. encouraging to turn to costly and unsafe check captures. >> i do not feel safe carrying the money order that i get home. >> without a bank account, you are more vulnerable to loss, robbery, or theft. thankfully, the program was designed to meet the needs of every kind, so qualifying for a bank account is no longer a problem. even if you have had problems with an account in the past, have never had an account, or are not a u.s. citizen, bank on s.f. makes it easy for you to have an account. >> many people do not have a bank account because they might be in the check system, which means they had an account in the
past but had problems managing it and it was closed. that gives them no option but to go to a cash -- check catcher for up to seven years. you want to give these people second chance. >> to find account best for you, follow these three easy steps. first, find a participating bank or credit union. call 211 or call one of our partner banks or credit unions and ask about the bank on s.f. account. both -- most bridges will have a sign in their window. second, ask about opening an account through bank on s.f.. a financial partner will guide you through this process and connect you with the account that is best for you. third, bring some form of identification. the california id, for an id, or your passport is fine. >> now you have open your account. simple? that is exactly why it was designed. you can access your account
online, set up direct deposit, and make transfers. it is a real bank account. >> it is very exciting. we see people opening up second accounts. a lot of these people never had account before. people who have problems with bank accounts, people without two ids, no minimum deposit. we are excited to have these people. >> it has been a great partnership with bank on s.f. because we are able to offer checking, savings, minimarkets, certificates, and loans to people who might not be about to get accounts anywhere else. even if you have had a previous account at another financial institutions, we can still open an account for you, so you do not need to go to a check cashing place, which may turn to two percent of your monthly income. >> you can enroll in free educational services online. just as it -- visit
sfsmartmoney.org. with services like financial education classes and one-on-one meetings with advisers, asset smart money network makes it easy for you to learn all you need to know about managing, saving, investing, and protecting your money. the network offers access to hundreds of financial aid programs. to help their eruptions, fill out the quick questionnaire, and you will be steered to the program you are looking for. >> who want to make sure everyone has the chance to manage their money successfully, keep their money safe, and avoid getting ripped off. >> it sounds very good. i think people should try that one. >> to find out more, visit sfsmartmoney.org or call 211 and ask about the bank on s.f. program. >> now you can have a bank account.